• GILBERT P. BAYORAN
The Philippine Statistics Authority (PSA) reported that highly urbanized Bacolod City ranked second as the fastest growing economy in Western Visayas, at 10 percent growth rate in 2023.
In a statement, the PSA said that the value of the Bacolod City economy increased to P146.09 billion in 2023, from P132.84 billion in 2022.
It noted that the fastest growths were recorded in accommodation and food service activities with growth of 31.5 percent; transportation and storage, 20.2 percent; and other services, 16.9 percent growth.
PSA Undersecretary and National Statistician Claire Dennis Mapa said this is the first time that PSA is releasing the provincial product accounts (PPA) of 82 provinces and 33 highly urbanized cities in the country, providing each of them their Gross Domestic Product (GDP) estimates.
“These GDP estimates are more than just numbers; there are stories behind these numbers – they are a powerful tool for empowering local governments to understand the economic pulse of their areas. This localized data can help us better understand the economic realities across the country, highlighting each area’s unique strengths and opportunities and the supporting efforts toward balanced local economic growth,” Mapa said.
Iloilo City is the fastest-growing economy in Western Visayas at 10.5 percent in 2023, with its GDP valued at P160.28 billion, from P145.07 billion in 2022.
“This growth positioned the City of Iloilo as the fastest-growing economy in Western Visayas and the second fastest growing economy among all highly urbanized cities in the Philippines in 2023,” the PSA said. | GB with PNA reports
